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Đorđe Stanisavljević, Avalon Real Estate - Flexibility and sustainability key in shaping the future market of office space

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In the first six months of this year, a total of 85,000 m2 of office space was let, which represents a slight decrease compared to the same period last year. At the same time, the available space rate recorded a further slight decline and currently stands at 5.50%.

As Đorđe Stanisavljević, director of the commercial real estate sector at Avalon Real Estate, tells eKapija, the current offer still does not fully follow the increasing demand, but he expects that the market of office space in Belgrade will continue with stable development.

He adds that success in the market is not only in the square footage of the space, but in the ability to provide additional value through modern infrastructure, sustainability and the ability to adapt the space to specific client needs.

Read below why the specialized consulting firm Avalon Real Estate considers the business space market one of the most complex segments, and how its team achieves exceptional results. You will also learn more about the "wellbeing" concept of business premises, as well as market trends.


Avalon Real Estate has been in business for more than six months, and is already recording exceptional results. How was the team assembled and what goals were defined?

- When Avalon Real Estate started working, our primary focus was to gather a team of people who share the same passion for work, but also values ​​such as integrity, dedication and constant improvement. Each of us brought our experience and expertise, as well as a sense of cooperation, which allowed us to quickly establish a team spirit and start to record successes.

Our goals have been clear from the beginning - we want to be a company that is not only recognizable by results, but also by approach. Our consulting approach to clients means creating unique solutions that add value at every step of the process. Through careful identification of clients` specific needs, we ensure that our proposals and strategies are fully tailored to their business goals, enabling them to maximize the value of their investments.

This year we had the pleasure of cooperating with, among others, three large international IT companies that recognized the potential for development in our country, leasing more than 20,000 m2 in A-class office buildings in New Belgrade. These collaborations confirm the attractiveness of the Serbian market and our ability to support successful projects in accordance with their specific needs.


During this time, your company has mediated the letting of more than 38,000 square meters. What are the prerequisites for the company to achieve this kind of success in the real estate brokerage business?

- The Avalon Real Estate team is made up of professionals with a large number of years of combined experience in the "office" real estate market, which we consider one of the most complex segments. Such experience enables us to gain a deeper understanding of key aspects: from the design and development of business premises, to the effective implementation of strategies adapted to changes in the working environment. Our multidisciplinary approach includes not only local knowledge, but also a global perspective, which enables us to achieve a high level of success in working with international clients.

Also, regular market research allows us to anticipate changes, identify new opportunities and respond proactively to challenges. We deeply understand how macroeconomic factors, global trends and local dynamics influence the real estate market, especially in the office segment. Using data, statistical models and analytical tools, we develop strategies that are tailored to client requirements.


Considering your experience, how would you describe the business space market in Belgrade in the past, and how is it now?

- Today, the business space market in Belgrade is far more sophisticated and dynamic. New Belgrade has emerged as a central business zone with a large number of modern, high-quality buildings, while the central parts of the city, through the revitalization of older buildings and new projects, have become the seat of an increasing number of A-class buildings. These new projects combine contemporary design with high environmental standards, making them attractive to companies looking for quality premises in the city center.

Today, success in the market is not only in the square footage of the space, but in the ability to provide added value through modern infrastructure, sustainability and the ability to adapt the space to specific client needs.
When it comes to key numbers, it is interesting to note that in the first six months of this year, a total of 85,000 m2 of office space was let, which represents a slight decrease compared to the same period last year. At the same time, the available space rate recorded a further slight decline and currently stands at 5.50%.


The "wellbeing" concept of business premises is being mentioned more and more often, with the aim of employee well-being, as well as greater motivation. How do you see this trend and its evolution?

- The concept of "wellbeing" in business spaces is becoming more and more important, because companies are increasingly recognizing the importance of employee well-being for productivity and motivation. This trend is reflected in designing spaces that not only satisfy functional needs, but also improve the physical and mental health of employees.

In the future, I expect companies to invest more and more in "wellbeing" as part of their strategy to retain talent and increase employee satisfaction. This will not only contribute to the greater success of the organization, but also business premises that apply this concept will become more attractive on the market, making them a long-term sustainable solution.


What are your expectations for the period ahead - do you see certain tendencies in the office space market?

- I expect that the business space market in Belgrade will continue its stable development, with several key tendencies that are already noticeable. First of all, there is a continuous growth in demand for modern, high-quality office spaces, with a special emphasis on those that offer flexible lease terms, as well as advanced technological and environmental standards. Clients are increasingly looking for a space that not only meets their current needs, but also enables adaptation to changes in business models, such as a hybrid work model.

Also, the decrease in the vacancy rate continues as a dominant trend, as the current supply is still not fully keeping up with the growing demand. This creates pressure on the market, which could lead to a slight increase in rents, especially for the highest quality properties. Investors will need to focus on projects that meet increasingly stringent standards of sustainability and energy efficiency, as the market increasingly values ​​the long-term benefits of such solutions.

If I had to sum it up, flexibility and sustainability are becoming key factors in shaping the future market of office space, with an emphasis on creating innovative solutions that meet the modern needs of companies and their employees.